Maryland SB 1120: University System of Maryland – Academic Facilities Bonding Authority

Bill Text

WES MOORE, Governor Ch. 721

– 1 –
Chapter 721
(Senate Bill 1120)

AN ACT concerning

University System of Maryland – Academic Facilities Bonding Authority

FOR the purpose of approving certain projects for the acquisition, development, and
improvement of certain academic facilities for the University System of Maryland;
authorizing the issuance of bonds by the University System of Maryland in a certain
total principal amount for financing the projects; providing that the bonds are not a
debt or an obligation of the State or any of its subdivisions; and generally relating to
academic facilities bonding authority of the University System of Maryland and
certain projects.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
That:

(a) In accordance with § 19–102(d) of the Education Article, each of the following
projects is approved as a project for an academic facility, and the University System of
Maryland may issue, sell, and deliver bonds in the total principal amount of $5,000,000 for
the purposes of financing and refinancing the costs of the following project:

University of Maryland, College Park (Prince George’s County):
Campuswide Building Systems and Infrastructure Improvements

(b) In accordance with § 19–102(d) of the Education Article, those systemwide
capital facilities renewal projects for existing academic facilities of the constituent
institutions and centers of the University System of Maryland as authorized by the Board
of Regents are hereby approved as facility renewal projects for academic facilities, and the
University System of Maryland may issue, sell, and deliver bonds in the total principal
amount of $25,000,000 for the purposes of financing and refinancing the costs of those
academic facilities renewal projects.

(c) The bonds issued under the authority of this Act do not create or constitute
any indebtedness or obligation of the State or of any political subdivision thereof except for
the University System of Maryland, and the bonds shall so state on their face. The bonds
do not constitute a debt or obligation contracted by the General Assembly of Maryland or
pledge the faith and credit of the State within the meaning of Article III, § 34 of the
Maryland Constitution.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect June
1, 2024.

Approved by the Governor, May 16, 2024.